Given the Following Information, Determine the Cost of Goods Manufactured

question 161

Multiple Choice

Given the following information, determine the cost of goods manufactured. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 63,000 \\\hline \text { Manufacturing Overhead Incurred } & 179,500 \\\hline \text { Direct Materials Used } & 150,000 \\\hline \text { Finished Goods Inventory, 1/1/2015 } & 197,500 \\\hline \text { Finished Goods Inventory, } 12 / 31 / 2015 & 221,000 \\\hline \text { Work-in-Process Inventory, } 1 / 1 / 2015 & 96,500 \\\hline \text { Work-in-Process Inventory, 12/31/2015 } & 109,000 \\\hline\end{array}$$

• A) $243,000
• B) $380,000
• C) $867,000
• D) $160,000

---

Definitions:

Articles of Partnership

A document that outlines the terms and conditions of a partnership, including the rights, responsibilities, and shares of profit among the partners.

Property Rights

Legal rights to use, control, and dispose of land and property.

Legal Entity

An organization or structure that has legal rights and obligations, such as a corporation, partnership, or trust.

Doctrine of Marshaling Assets

A principle in equity that gives a junior creditor the right to request that senior creditors satisfy their claims from assets not pledged by the junior creditor, when possible.